Ripple Versus SEC: Both Entities Agree On A New Deadline

The SEC and Ripple want Judge Torres to set a deadline of January 4, 2023, for the non-parties to request the sealing of portions of summary judgment materials.

The two parties have requested that the court set a deadline by which non-parties in the current lawsuit need to move to seal all segments of the summary judgment materials.

Based on a letter filed on December 9, as shared by defense lawyer James K. Filan, both Ripple and the United States Securities and Exchange Commission want U.S. federal judge Analisa Torres to set a deadline of January 4, 2023, for non-parties to file sealing requests for chosen segments of the summary.

#XRPCommunity #SECGov v. #Ripple #XRP Parties request that the Court set a deadline of January 4, 2023 by which non-parties must ask to seal any portions of the Summary Judgment Materials or else waive any objections to the Court's ruling on the Parties' sealing applications. pic.twitter.com/J16zv6URDp

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) December 9, 2022

Before filing the omnibus motion to seal on December 22, 2022, the SEC and Ripple stated that they would notify all non-parties whose confidential information is featured in the summary judgment materials. This move will give non-parties adequate time to request the sealing and redaction of any summary judgment documents containing their confidential information.

Based on the parties, this move will help facilitate an efficient and smooth resolution of all requests to seal and redact segments of the summary judgment materials.

An excerpt of the letter read:

“Given the parties’ desire to reach an expeditious resolution of all sealing-related issues regarding the summary judgment materials, the parties respectfully ask the court set a deadline of January 4, 2023, by which any non-parties must move to seal portions of the summary judgment materials or else waive any objections to the court’s ultimate ruling on the parties’ sealing applications.”

The SEC And Ripple Propose A Deadline For The Opposition

Additionally, the SEC and Ripple also request that the court sets a deadline of January 18, 2023, by which the parties and non-parties may file oppositions to the non-parties’ motion to seal.

This move is highly imperative in resolving the lawsuit since it will concurrently address the party’s and non-parties sealing requests. Both the SEC and Ripple seem to be using the medium to let non-parties request the sealing of confidential information included in the summary judgment motions or related materials.

Notably, the move comes days after the parties filed their respective summary judgment replies, with every side asking the court to rule in their favor. Judge Torres is now expected to rule on the legality of XRP soon to determine whether the asset class is a security. For now, there is no particular date Judge Torres is expected to give her ruling on this matter. Notably, Filan expects the judge to rule on the case on or before March 31, 2023.